- The EUR CoinVertible (EURCV) stablecoin will make its debut on the Bitstamp exchange.
- The CEO stressed that digital bond, fund, and asset settlements were primary motivations.
European financial behemoth Societe Generale, the third-largest bank in France, has introduced its own euro-pegged stablecoin. According to the Financial Times, the EUR CoinVertible (EURCV) stablecoin will make its debut on the Bitstamp cryptocurrency exchange.
Bank clients will be able to invest in the digital asset market with EURCV since it is completely backed by the euro. The asset may be traded and will be accessible to a wide range of customers.
Eyeing to Dominate European Market
Moreover, according to Societe Generale Forge CEO Jean-Marc Stenger, who emphasized the need for a euro-denominated stablecoin, the new coin shows the bank’s engagement in the developing crypto realm.
Stenger characterized the bank’s action as more than just an intrigue, even if industry leaders and crypto exchange platforms are aiming to extend the stablecoin market to the European area.
Also, the CEO stressed that digital bond, fund, and asset settlements were primary motivations for developing the new stablecoin. He went on to say that the stablecoin’s versatility makes it suitable for use by other financial institutions outside of Société Générale’s platform.
Furthermore, Axa Investment Managers put EURCV into the digital green bond that the bank offered. With a three-year maturity, the bond is worth 10 million euros, or around $11 million.
The entry of the French banking behemoth into the euro-pegged stablecoin market would significantly alter the European scene, especially given that the Markets in Crypto-Assets Regulation of the European Union (MiCA) is scheduled to take effect in 2024.
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